Will we get a mortgage offer?

ram_man_2

Hi All.

My wife and I are hopefully looking to move house in the next few months.

Unfortunately, we both have pretty poor credit histories. My wife has some late payments noted on her file from last year when she was made redundant. These are all paid up now.

I have got 3 CCJ's and a couple of defaults from late 2007 / early 2008 listed on mine. They date back to a time where I became ill and was unable to keep up payments due to being off work long term.

Ideally we would have waited until mine were off my file as I am the higher earner. However, circumstances have changed and we need to get a bigger place.

So far it's looking bleak, however there is a glimmer of light!

When we sell the current house, we should be in a position to put at least £80,000 as a deposit, and would be looking for a property valued at around £120,000 to £130,000.

With a deposit of between 60 and 70%, would we be likely to get any sort of mortgage offer in the current climate?

Thanks

GMS

Speak to a broker. Applying at random will potentially cause your credit file more harm.

How many consecutive missed payments did your wife have?

Are your defaults fully satisfied?

What incomes(s) do you have?

ram_man_2

Thanks for your reply.

My wife had sporadic missed payments over the course of three / four months. In total it would have been about 10 payments to different lenders - Each one would have been under £100.

The vast majority of mine are satisfied at the moment. I have two that aren't, but will be paying those at the end of this month - I am due a bonus from work.

As for income, On basic salaries, we would be looking at around £40k combined -I also receive bonuses that total £10k plus per year - These show on my p60 for the last 5 years plus.

Thanks

GMS

Definitely one for a broker.

Get copies of your credit files from Experian, Equifax and Call Credit. £2 statutory ones are fine.

Get them to a broker and see what they come up with.

ram_man_2

That's great.

Thanks a lot for your help.